The Securities and Exchange Commission has not necessarily reviewed the information in this filing and has not determined if it is accurate and complete.
The reader should not assume that the information is accurate and complete.

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 13F

FORM 13F INFORMATION TABLE
OMB APPROVAL
OMB Number: 3235-0006
Estimated average burden
hours per response: 23.8
COLUMN 1 COLUMN 2 COLUMN 3 COLUMN 4 COLUMN 5 COLUMN 6 COLUMN 7 COLUMN 8
VALUE SHRS OR SH/ PUT/ INVESTMENT OTHER VOTING AUTHORITY
NAME OF ISSUER TITLE OF CLASS CUSIP (x$1000) PRN AMT PRN CALL DISCRETION MANAGER SOLE SHARED NONE
AGNICO EAGLE MINES LTD COM 008474108 295 5,500 SH   SOLE 5,500 0 0
AUTOMATIC DATA PROCESSING IN COM 053015103 26,428 163,725 SH   SOLE 163,725 0 0
BANCO BILBAO VIZCAYA ARGENTA SPONSORED ADR 05946K101 28,751 5,529,100 SH   SOLE 5,529,100 0 0
BLACKBERRY LTD COM 09228F103 79 15,000 SH   SOLE 15,000 0 0
CISCO SYS INC COM 17275R102 27,224 550,975 SH   SOLE 550,975 0 0
CRESCENT PT ENERGY CORP COM 22576C101 54 12,710 SH   SOLE 12,710 0 0
DENISON MINES CORP COM 248356107 102 210,300 SH   SOLE 210,300 0 0
ENERPLUS CORP COM 292766102 90 12,050 SH   SOLE 12,050 0 0
EXXON MOBIL CORP COM 30231G102 604 8,550 SH   SOLE 8,550 0 0
FIFTH THIRD BANCORP COM 316773100 594 21,700 SH   SOLE 21,700 0 0
HUDBAY MINERALS INC COM 443628102 24,465 6,778,215 SH   SOLE 152,200 0 0
KANSAS CITY SOUTHERN COM NEW 485170302 505 3,800 SH   SOLE 3,800 0 0
MAGNA INTL INC COM 559222401 31,033 581,950 SH   SOLE 568,350 0 0
MANULIFE FINL CORP COM 56501R106 28,879 1,573,800 SH   SOLE 31,300 0 0
MCEWEN MNG INC COM 58039P107 63 40,000 SH   SOLE 40,000 0 0
NEW GOLD INC CDA COM 644535106 25 25,000 SH   SOLE 25,000 0 0
NEWMONT GOLDCORP CORPORATION COM 651639106 30,768 811,400 SH   SOLE 811,400 0 0
NUTRIEN LTD COM 67077M108 25,446 510,550 SH   SOLE 11,800 0 0
ROCKWELL AUTOMATION INC COM 773903109 26,328 159,760 SH   SOLE 159,760 0 0
ROYAL BK CDA MONTREAL QUE COM 780087102 11,406 140,550 SH   SOLE 140,550 0 0
SUN LIFE FINL INC COM 866796105 287 6,400 SH   SOLE 2,400 0 0
SUNCOR ENERGY INC NEW COM 867224107 29,311 928,850 SH   SOLE 928,850 0 0
TC ENERGY CORP COM 87807B107 28,970 559,250 SH   SOLE 559,250 0 0
TECK RESOURCES LTD CL B 878742204 564 34,765 SH   SOLE 34,765 0 0
TELUS CORP COM 87971M103 26,877 754,900 SH   SOLE 754,900 0 0
TEXAS INSTRS INC COM 882508104 32,299 249,915 SH   SOLE 249,915 0 0
DISNEY WALT CO COM DISNEY 254687106 27,888 214,000 SH   SOLE 214,000 0 0
TORONTO DOMINION BK ONT COM NEW 891160509 26,464 453,680 SH   SOLE 453,680 0 0
VERIZON COMMUNICATIONS INC COM 92343V104 28,620 474,150 SH   SOLE 474,150 0 0